California Financial Code

§ 6154

FIN § 6154Div. 2 · Ch. 3 · Art. 4

Statute text

If the members or stockholders fail to elect a director to fill each vacancy created by an increase in the number of directors, the current directors may fill the vacancy by electing a director to serve until the next annual meeting of the members or stockholders at which time a director shall be elected to fill the vacancy for the unexpired term for the class of directors in which the vacancy exists.

Legislative history

Added by Stats. 1983, Ch. 1091, Sec. 2.